How much should I rent 1/2 of a duplex for? (Poll - please contribute)

Question

Hi BP Community!
I'm kind of a newbie here, and had a quick question regarding how to price duplex units.
Here's the relevant info:
- It's a top bottom duplex, with very similar ±1200 sq ft floor plans, in an older neighborhood of SFHs and small (2-4) multi-unit buildings.
- The lower unit is a 2/1
- The top unit is about 5% bigger, and has an extra bedroom making it a 3/1.

The lower unit is rented for $1,000.
So the question is, how much would you rent the top unit for?

The lower unit is rented for $1,000. So the question is, how much would you rent the top unit for?

Julien J. · Answer

Welcome!

You'd have to do market research for you area. I'd suggest:

-Rentometer

-Zillow/redfin

-Facebook

I'd discount the rent for the following: completely or partially underground and poor lighting.

Nathan Gesner · Answer

Welcome to the BiggerPockets forums!

I'll give you $500 a month for it right now!

Seriously, study the market to determine the value. Ground-level units rent for slightly more because of easy access and lack of stairs, but an upstairs unit should be pretty close. Look at other 3bed/1bath units in the market of comparable size, quality, etc. Price your unit accordingly.

Bruce Woodruff · Answer

I would get $1200 mo for that extra bedroom....!

Michele Fischer · Answer

I would look to see what other three bedrooms are going for in your neighborhood.  Look on Criagslist and other places where landlords in your area advertise.  A duplex is worth a bit more than a similar apartment, but a bit less than a similar SFH.  I also add or subtract a bit if the square footage, bathroom count, storage, garage, laundry, upgrades are different from what others are offering.  I have some complicated comparisons but I am an Excel nerd and like to watch the neighborhood rental offerings closely year round.  If a three bedroom is only slightly bigger than a two bedroom, either the 3/1 is cramped or the 2/1 is spacious and either should be adjusted accordingly.

Bjorn Ahlblad · Answer

Providing the construction is zoned and permitted, If the upper unit has 3 proper bedrooms. Egress, closets, etc it is worth a little more. Maybe 100/mo more.

How much should I rent 1/2 of a duplex for? (Poll - please contribute)

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